Thread: FXCM Micro UK Account FAQ's

1.) Q. If I currently have an active Standard account with FXCM Ltd, will I need to resubmit my ID and proof of residence to open a Micro account?

A. If you have an active FXCM Ltd account, you may not have to submit additional documents. If additional documents are required, you will be contacted by the Micro Operations staff via e-mail.

2.) Q. Are micro accounts through FXCM Ltd available to Australians?

A. FXCM Ltd does not offer Micro accounts for residents of Australia. However, Australian residents can open a micro account via FXCM Australia with as little as $50. Click here for more information.

3.) Q. Can I link my FXCM Ltd Standard account and my Micro account?

A. Standard and Micro accounts cannot be linked at this time.

4.) Q. Why is the minimum deposit amount via wire $1000 USD?

A. Micro clients generally generate less trading-related revenue than other clients, we therefore have to control expenses such as costly support services associated with processing wire deposits. A minimal deposit amount via wire is required in order to ensure our clients continue to receive the service/benefits associated with Micro accounts through FXCM Ltd. If you wish to deposit a smaller amount, credit/debit card deposits are accepted from as little as $50. For more information about credit/debit card deposits, Click Here (Deposit FAQ's).

5.) Q. How many times per month can I withdraw funds? Is there is a limit?

A. There is no limit to how often you can withdraw funds from your account. However, there are fees associated with each withdrawal request. For more information on the withdrawal process please visit our Trading Community by going here:FXCM MICRO - DailyFX Forum

6.) Q. When I update my banking information, my SWIFT code is not accepted. How do I update my SWIFT code online?

A. If you are unable to update your SWIFT code on www.myfxcm.com, please contact your bank to ensure you have the correct SWIFT code. If your bank confirms that you have the correct SWIFT code, please submit your banking information to admin@fxcmmicro.co.uk from the e-mail address on file.

7.) Q. Can I apply for a Micro Joint account (two account holders)?

A. Micro accounts through FXCM Ltd are only offered as individual self-traded accounts. You can apply for a Joint Standard account by completing an application by clicking here: Segregated Forex Account

8.) Q. My application is complete, is there a time period I must fund my account by?

A. FXCM Ltd applicants are free to fund at their own convenience. However, all unfunded applications will be archived after 6 months, therefore you will be required to resubmit a new application. It is recommended that you fund your account upon receiving your account information. Should you decide to close your account, you can simply withdraw your full balance (administrative fee will apply).

9.) Q. How do I file taxes for my Micro account?

A. To obtain tax information on your account, please retrieve a copy of your Account Statement after logging into the Trading Station and then consult a tax advisor for further information. FXCM Ltd recommends that you seek a very competent tax advisor who will better aid you in structuring your trading account.

10.) Q. If I close my account, do I still have access to account activity and trading statements?

A. You will still have access to generate account activity and trading statements. Reports may be inaccessible after market closure due to server maintenance. If you find that you no longer have access to run reports (during normal market hours), please contact admin@fxcmmicro.co.uk for further instructions.

11.) Q. How long will it take for funds to be deposited into my Micro account?

A. Your deposit will generally clear within 1 business day to your FX trading account. Credit card and debit card deposits submitted via www.myfxcm.com may be instantly available in your FXCM account for trading. We do advise that in some cases, delays in processing may occur. If we encounter any problems with your transaction, you will be notified via e-mail. In addition, once funds have been deposited into your account, you will receive an automated confirmation email to advise you that the funds have reached your trading account.

12.) Q. Can I become a Gold client with an Micro account?

A. The Active Trader accounts are designed to reward clients with deposits of $50,000 or more, or who trade more than 10 million per month in notional volume. The platform is designed for more experienced traders, with up to ten levels of market depth and the ability to view available liquidity at each price level. FXCM Ltd offers Active trader status on Standard accounts. For more information on becoming an Active Trader, Click Here.


Q. Micro accounts are offered in what currency denominations?

A. Micro accounts are denominated in USD only. If you would like an account denominated in a different currency (CAD, EUR, GBP, NZD), please visit Forex | currency trading | forex trading | forex broker for various account platforms.

Due to the regulations that will begin August 1st I would like to tranfers my FXCM Micro US Account to an FXCM Micro UK account, however I have a few questions:

1) Other than the Hedgin, Stop Loss and Limit order and open positions regualations that apply to US accounts, do UK accounts (platform) work the same?
2) Are spreads the same?
3 Can I continue to manage all my operations in US dollars?

Please advise, I am kind of worried

Thank You

Originally Posted by pmcummer

Due to the regulations that will begin August 1st I would like to tranfers my FXCM Micro US Account to an FXCM Micro UK account, however I have a few questions:

1) Other than the Hedgin, Stop Loss and Limit order and open positions regualations that apply to US accounts, do UK accounts (platform) work the same?
2) Are spreads the same?
3 Can I continue to manage all my operations in US dollars?

Please advise, I am kind of worried

Thank You

Hi pmcummer!

Yes to all three questions. Everything will be the same. You may transfer your account by clicking on the following link . Please be aware that there is no hard date for the transfer as of yet. You will however, receive an email stating that your account has been transferred once the account is transferred. For further inquiries, please feel free to email me at helene@fxcmmicro.com

My simple questions:

1- Are there any taxes applied (by the UK government) when my acct is with FXCM UK? (I am not a UK/US resident/citizen)

2- My micro acct balance is currently more than $5000. Can I still transfer my acct to FXCM Micro UK? (I have no interest in transferring it to standard acct)

Thanks.

Originally Posted by azzurri

My simple questions:

1- Are there any taxes applied (by the UK government) when my acct is with FXCM UK? (I am not a UK/US resident/citizen)

2- My micro acct balance is currently more than $5000. Can I still transfer my acct to FXCM Micro UK? (I have no interest in transferring it to standard acct)

Thanks.

Regarding your first concern, FXCM does not handle or send any tax information. It is up to each individual to check with their local authorities in regards to the laws that apply to them. A good place to start is the discussion on taxes found here.

Tax Forum/

Secondly , clients that currently hold micro accounts with over $5000 are allowed to transfer and set up micro accounts with the UK ltd branch .

If you have further concerns please let us know.

Walker

I can't post this as a new thread so I hope this is OK here!

Hi, I’m a full UK resident but I want to begin with the FXCM Micro account so I can get used to the platform but lose or make small amounts of money as I learn. My question is; can I open a UK FXCM Micro Spread betting account so as not to be liable for any tax implications. Or is the Micro account a USA based non spread betting account or to say it another way is FXCM Micro a UK based spread betting model with all the tax advantages this brings.

Thanks George

I am thinking about transferring my account to the UK but need to know a little more about options for withdrawing money from UK accounts. I know the bank wire is an option, but I have a few questions about withdrawing money via credit card.

If I have funded my account via credit card, may I withdraw money via the same credit card?

Since I funded my account in the US, will my credit card information transfer to the UK when my account is transferred?

To deposit money in a UK account there is a minimum of $1000. If I am able to withdraw money via credit card is there a minimum amount I must withdraw?

If I have funded my account with a credit card, and the amount I have withdrawn from my account exceeds my initial deposit (meaning I'm making money), is there ever an option to start withdrawing funds via bank wire, or will I always be limited to withdrawing money via credit card?

Thanks in advance for your help!

[FONT="Verdana"]Can I open a micro account in UK Directly ? The depsit is 3500$[/FONT]

I live in egypt and i want to open a micro account in UK
can i transfere money (3500$) direct? or open in USA firest then transfere
to UK?
if there is an application please attach it

Were glad that you are interested in opening an account with our UK ltd branch . For our International clients, please use the following link.


Application


Walker

Hi, i have made a deposit into my account on yest. I have a reply that says my fund has already been approve and i were told to login to verify that. However i didn't not see any money going into my account nor the trading platform. What could be wrong?

I've received an email saying the fund has been transferred to my account but i do not see any money going into the acct nor the trading platform.
May i know why ?

Originally Posted by Josh_low

I've received an email saying the fund has been transferred to my account but i do not see any money going into the acct nor the trading platform.
May i know why ?

Josh_low,

Please email me directly at helene@fxcmmicro.com in order for me to look into this better.

Hi,

I raed in this forum that maximum account balance for FXCM micro is USD 5000. What will happen to the amount in excess of USD 5000?

Hi, I am a dual citizen of Australia and the UK, but living in France. Can I open a micro account in the UK and then keep the account when I eventually return to Australia or do I have to then change to an Australian account when I get to Australia.